Lewiston Company reports the following trial balance on December 31, 2020:Account titleDebitCreditCash$30,000Investments55,500Account Receivable$12,000Allowance for uncollectable$3,000Prepaid rent$8,000$10,000$40,000$29,500InventoriesLandPatentAccount Payable$2,000$6,000Unearned RevenueBond Payable$15,000Common Stock$72,000Retained Earning$37,000Total$135,000$135,000Page 3 of 6 Additional Information:1. The investment includes $4,000 invested in treasury bills, which will mature inJuly 1, 2021. The remaining investments carries a maturity period more thanone year, ie., will mature in 2022.2. The land account consists of $30,000 for the cost of the land where the officebuildings are located. The remaining balance represent the cost of the land heldfor sale.3. $9,500 of cash balance will be used as an investment in marketable securitiesthat is going to take place next year. The remaining represent commercialpapers due in January 2022.4. The company entered into a contract with the real estate company. Accordingly,the company has paid advance rent equal to two years rent. Prepaid rent reportedin the balance sheet is related to advance rent paid for 2021 and 2022.5. Out of $15,000 balance of Bond payable, $7,000 will be payable in 2015.Required:Prepare classified balance sheet as per 31t December 2020.

Financial statements are statements and reports prepared at the end of the accounting period. They…

Answered: Additional Information: 1. The…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information [The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,100,000 2023 $2,695,000 2022 $2,450,000 4,900,000 2,450,000 2,200,000 2,350,000 5,450,000 1,900,000 2,300,000 5,800,000 Westgate recognizes revenue over time according to percentage of completion. Ø 2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs incurred). 2-c. In the journal below, complete the necessary journal entries for…
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The company Alumnos Emprendedores S.A. has an investment for a total amountof $175,800.00, and annual net cash flows of $52,050.00, calculate the periodof recovery, detail your result in years, months and days
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In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2026. Information related to the contract is as follows: 2026 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2024 $ 2,624,000 5,576,000 2,200,000 2025 $ 3,690,000 1,886,000 4,114,000 $ 2,074,600 3,686,000 2,000,000 3,800,000 4,200,000 Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time. Cost incurred during the year Estimated costs to complete as of year-end 2024 $ 2,420,000 5,620,000 2025 2026 $ 3,810,000 3,120,000 $ 3,220,000 в 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years, assuming the following costs incurred and costs to complete Information. 2024 2025 2026 Cost incurred during the year Estimated costs to complete as of…
Required information [The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. Revenue Gross profit (loss) 2021 2022 $2,610,000 $3,162,000 6,390,000 2,028,000 2,100,000 1,850,000 2021 2022 Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) 2023 $2,230,800 2023 0 3,672,000 4,228,000 5,150,000 3,000,000

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